The Termination of Agency Agreement is a crucial document used when parties wish to formally end their existing agency relationship in Malaysia. It is typically employed when either the principal or agent decides to end their business relationship, whether by mutual consent or as per the terms of the original agency agreement. This document ensures compliance with Malaysian legal requirements, including the Contracts Act 1950 and Commercial Agents Regulations, while providing a comprehensive framework for managing the termination process. It addresses key aspects such as final settlements, handover procedures, and ongoing obligations, helping prevent future disputes and ensuring a smooth transition. The agreement is particularly important in protecting both parties' interests by clearly documenting the terms of separation and any post-termination obligations.
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1. Parties: Identification of the Principal and Agent, including full legal names, registration numbers (if companies), and registered addresses
2. Background: Reference to the original Agency Agreement, its date, and brief context of the relationship
3. Definitions: Definitions of key terms used in the termination agreement, including references to defined terms in the original agreement
4. Termination: Clear statement of termination, effective date, and mutual agreement to terminate
5. Outstanding Obligations: Details of any remaining obligations, including commission payments, pending transactions, or ongoing responsibilities
6. Return of Property: Requirements for returning any company property, documents, or confidential information
7. Final Account Settlement: Process and timeline for settling final accounts, including any outstanding payments or commissions
8. Non-Disclosure Obligations: Confirmation that confidentiality obligations survive termination
9. General Provisions: Standard clauses including governing law, entire agreement, and counterparts
1. Non-Compete Obligations: Include when the original agreement contained non-compete provisions that need to be addressed or modified
2. Transition Arrangements: Include when there needs to be a handover period or specific arrangements for transitioning clients/business
3. Mutual Release: Include when parties want to release each other from all claims arising from the agency relationship
4. Intellectual Property Rights: Include when there are IP rights or licenses that need to be addressed post-termination
5. Customer Communication: Include when there are specific requirements for how and when to inform customers of the termination
6. Dispute Resolution: Include when parties want to specify particular dispute resolution mechanisms for post-termination issues
1. Schedule 1 - Original Agency Agreement: Copy or details of the original agency agreement being terminated
2. Schedule 2 - Outstanding Transactions: List of pending transactions and their status
3. Schedule 3 - Commission Calculations: Detailed breakdown of final commission calculations and payments
4. Schedule 4 - Company Property Inventory: List of all company property to be returned
5. Schedule 5 - Customer Transfer List: List of customers and their status in terms of transfer arrangements
Relevant legal definitions
Clauses
Relevant Industries
Retail
Real Estate
Insurance
Manufacturing
Distribution
Import/Export
Financial Services
Technology
Telecommunications
Automotive
Consumer Goods
Healthcare
Tourism
Professional Services
Relevant Teams
Legal
Commercial
Business Development
Sales
Operations
Compliance
Contract Administration
Agency Relations
Partnership Management
Distribution
Relevant Roles
Chief Executive Officer
Managing Director
Commercial Director
Legal Counsel
Contract Manager
Business Development Manager
Sales Director
Operations Manager
Compliance Officer
Regional Manager
Agency Relations Manager
Partnership Manager
Head of Distribution
General Manager
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